Baxter Bros Inc. Reduces Position in Fastenal (FAST)

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Baxter Bros Inc. reduced its position in shares of Fastenal (NASDAQ:FAST) by 4.1% in the 1st quarter, Holdings Channel reports. The firm owned 13,949 shares of the company’s stock after selling 600 shares during the quarter. Baxter Bros Inc.’s holdings in Fastenal were worth $897,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Berman Capital Advisors LLC bought a new position in Fastenal during the 4th quarter worth $26,000. AdvisorNet Financial Inc increased its stake in Fastenal by 46.9% during the 4th quarter. AdvisorNet Financial Inc now owns 564 shares of the company’s stock worth $29,000 after acquiring an additional 180 shares during the period. Avestar Capital LLC increased its stake in Fastenal by 3,163.2% during the 4th quarter. Avestar Capital LLC now owns 620 shares of the company’s stock worth $30,000 after acquiring an additional 601 shares during the period. Patriot Financial Group Insurance Agency LLC bought a new position in Fastenal during the 4th quarter worth $39,000. Finally, Bremer Trust National Association bought a new position in Fastenal during the 4th quarter worth $39,000. 86.57% of the stock is owned by institutional investors and hedge funds.

Shares of FAST traded down $0.71 during midday trading on Monday, hitting $70.37. The company’s stock had a trading volume of 53,460 shares, compared to its average volume of 2,040,628. Fastenal has a one year low of $47.37 and a one year high of $71.11. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.97 and a current ratio of 4.31. The firm has a market cap of $20.30 billion, a price-to-earnings ratio of 26.76, a PEG ratio of 1.56 and a beta of 1.17.

Fastenal shares are scheduled to split on Wednesday, May 22nd. The 2-1 split was announced on Thursday, April 18th. The newly minted shares will be distributed to shareholders after the market closes on Tuesday, May 21st.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Thursday, April 11th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.01. Fastenal had a return on equity of 33.52% and a net margin of 15.16%. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the company posted $0.61 EPS. As a group, research analysts forecast that Fastenal will post 2.85 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, April 24th will be paid a $0.43 dividend. The ex-dividend date of this dividend is Tuesday, April 23rd. This represents a $1.72 annualized dividend and a dividend yield of 2.44%. Fastenal’s payout ratio is 65.40%.

In related news, EVP John Lewis Soderberg sold 7,500 shares of the firm’s stock in a transaction on Friday, February 15th. The stock was sold at an average price of $63.00, for a total transaction of $472,500.00. Following the sale, the executive vice president now owns 7,500 shares of the company’s stock, valued at approximately $472,500. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael John Dolan sold 2,500 shares of the firm’s stock in a transaction on Tuesday, January 29th. The shares were sold at an average price of $60.00, for a total value of $150,000.00. Following the sale, the director now directly owns 12,500 shares in the company, valued at approximately $750,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,083 shares of company stock worth $5,458,662. Corporate insiders own 0.56% of the company’s stock.

A number of research firms have commented on FAST. BidaskClub lowered Fastenal from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. Zacks Investment Research upgraded Fastenal from a “sell” rating to a “hold” rating in a research note on Wednesday, January 16th. ValuEngine upgraded Fastenal from a “hold” rating to a “buy” rating in a research note on Thursday, January 17th. Buckingham Research raised their price objective on Fastenal from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Morgan Stanley raised their price objective on Fastenal from $55.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $61.70.

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About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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